The company’s plant in La Rochelle, France, is set to start production in 2025.
The chemical company Solvay announced Wednesday in its half-year report (PDF) that it aims to supply 30 percent of Europe’s demand for neodymium-praseodymium (NdPr), a central precursor to producing permanent magnets, by 2030. The company added that regular production of NdPr at its plant in La Rochelle, France, will begin in 2025. Solvay added that it would source at least 30 percent of feedstock locally. Last month, the group also signed a supply agreement with Canadian magnet recycling start-up Cycling Materials over mixed rare earth oxides. From 2024, rare earths recycled in Canada will be separated in France. Solvay then aims to supply European magnet manufacturers with the refined products. The company’s facility in La Rochelle currently produces 4,000 tons of rare earth products, primarily those used as catalysts. In 2022, the company announced it would expand the product range at the facility.
Financially, Solvay reported a decline in sales and revenue in the first half of the year compared to the same period last year. The group referred to the low price environment for its products but highlighted that its cost-saving initiatives began to become effective.
Photo: iStock/saoirse_2010
